Maryland Statutes § 17-101. Every company risks an unclaimed property audit that could result in significant liabilities. (e)”Business association” means any corporation, joint stock company, business trust, partnership, or any association for business purposes of two or more individuals. All holders are requested to file their reports electronically, using the NAUPA format, for reports with more than ten (10) accounts. (a)A requirement in this title that a document be under oath means that the document shall be supported by a signed statement made under the penalties of perjury that the contents of the document are true to the best of the knowledge, information, and belief of the individual making the statement. %PDF-1.4 %���� Article 17 – Commercial Law, Section 17-309. (d)The running of the 5-year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (b) of this section. (c)At the expiration of a 5-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least 5 dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. The RELIEF Act 2021 has been signed into law! (b)To avoid conflicts between the administrator’s procedures and the procedures of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the administrator, so far as is consistent with the purposes, policies, and provisions of this subtitle, before adopting, amending, or repealing rules, may advise and consult with administrators in other jurisdictions that enact substantially the Uniform Unclaimed Property Act and take into consideration the rules of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act. Article 17 – Commercial Law, section 17-317. The claim shall be paid without deduction for costs of notices or sale or for service charges. H��W[o�8}�� �0�[u�v0@���v�b���}`$�f�P�D'���{H�fG��EJ?~�s���}�Ď�����^)�xA�6��H�m��#'�/l/$S��d��P��. An uncashed payroll or dividend check is a common type of unclaimed property. The subpoena shall be served by the sheriff of the county there the person resides or may be found. (2)If an address is not listed or if the address is outside the State, the notice shall be published in the county within which the holder of the abandoned property has the principal place of business in this State. (5)Purchase price rebates issued to customers in the ordinary course of business. All intangible personal property held for the owner by any court, public corporation, public authority, or public officer of this State or any political subdivision of it that has remained unclaimed by the owner for more than 5 years is presumed abandoned. (2)Affect any duty to file a report required by this subtitle or to pay or deliver abandoned property to the administrator. Property escheated under laws of another state . (3)The holder imposes charges or ceases accrual or payment of benefits on all dormant or inactive accounts, and does not reverse or otherwise cancel the charges or retroactively pay or accrue benefits with respect to those accounts. § 17-318. Comptroller of Maryland Unclaimed Property Search. Article 17 – Commercial Law, Section 17-207. (a)The administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that it or another state may be entitled to subject to a claim of custody. (d)A document made under oath shall be signed: (1)For a corporation, by an officer of the corporation authorized to do so; (2)For a sole proprietorship, by its owner; or. (b)All intangible personal property, not otherwise covered by this title, including any income or increment on it and deducting any lawful charges, that is held or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than 5 years after it became payable or distributable, is presumed abandoned. (b)If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company. (2)”Abandoned property” includes property in the custody of the federal government that is classified as “unclaimed property” under federal law. (c)The administrator may join with other states to seek enforcement of this subtitle against any person who is or may be holding property reportable under this Act. 2010 Maryland Code COMMERCIAL LAW TITLE 17 - DISPOSITION OF ABANDONED PROPERTY Subtitle 3 - Abandoned Property in This State Section 17-301 - When property presumed abandoned - Tangible or intangible personal property held by banking or financial organization or business association. (a)The administrator shall create a division of the office, to be known as the abandoned property office, for the purpose of administering the provisions of this title. 563 13 The administrator may decline the highest bid and reoffer the property for sale if the price bid is insufficient. 0000000556 00000 n Refunds: 3. Locations. Choose the file using the first letter of the member’s last name. Unclaimed funds held by insurance companies § 98.302: Definitions for ORS 98.302 to 98.436 § 98.304: When intangible property subject to custody of state § 98.308: Intangible property held by financial institution § 98.309: When traveler s check or money order presumed abandoned § 98.311: Service charge on unclaimed property Click here to search for your Maryland unclaimed money. Article 17 – Commercial Law, Section 17-314. Maryland's unclaimed property law is custodial, meaning that there is no time limit on claiming the money that is rightfully yours. Any person aggrieved by a decision of the administrator or as to whose claim the administrator has failed to act within 90 days after the filing of the claim, may commence an action in the circuit court for the county to establish his claim. (c)The report shall be made on a standard form and include information that the administrator requires. If a judicial determination is made against a claimant of abandoned property in federal custody, the claimant may not assert a claim against this State. § 17-209. Holders should refer to Maryland’s Unclaimed Property law when reporting unclaimed property. (b)(1)”Abandoned property” means personal property that is considered abandoned under this title. Article 17 – Commercial Law, section 17-311. Convenient, Affordable Legal Help - Because We Care! 63.29.180: Notice and publication of information about unclaimed property. Article 17 – Commercial Law, section 17-322. All intangible personal property and any income or increment on it, held in a fiduciary capacity for the benefit of another person, is presumed abandoned unless, within 5 years after it becomes payable or distributable, the owner has increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. Follow this link to learn more about the unclaimed funds being returned. (a)Any person who asserts an interest in abandoned property in federal custody: (1)May elect to claim against the federal government; or. Holders include banks and other organizations and financial institutions, government agencies, and businesses that … View full information for Oklahoma. (b)A holder may consider a money order dormant or inactive for purposes of imposing a service charge if the owner has taken none of the actions set forth in § 17-301(a)(3) of this article for 1 year from the date of issuance of the money order. (c)Interest is not required to be paid under this section for any period before July 1, 1981. After receiving reports of property presumed abandoned under this title, the administrator may decline to receive any property reported which he considers to be valued at less than the cost of giving notice or of holding a sale. Article 17 – Commercial Law, section 17-312. (ii)The holder is a domiciliary or a government or governmental subdivision or agency of this State and has not previously paid or delivered the property to the State of the last known address of the apparent owner or other person entitled to the property; (4)The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this State; (5)The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this State; or. Browse US Legal Forms’ largest database of 85k state and industry-specific legal forms. Article 17 – Commercial Law, Section 17-201. What happens to the contents of safe deposit boxes? Article 17 – Commercial Law, Section 17-101. startxref Massachusetts. The Comptroller's Office tries to locate the rightful owners of stocks, bonds, savings accounts, security deposits, contents of safe deposit boxes, insurance proceeds and other valuables which are reported to us as unclaimed by banks and other financial institutions after three years. § 17-307. 1504. (a)The administrator may adopt the necessary rules and regulations to carry out the provisions of this title. Article 17 – Commercial Law, section 17-313. (b)If the Administrator receives notice under this section, the abandoned property in question shall be omitted from any claim by this State until a final judicial determination is made of the claim. Article 17 – Commercial Law, Section 17-306. Article 17 – Commercial Law, Section 17-308.1. (c)If any person refuses to obey any subpoena so issued or refuses to testify or produce records, the administrator may present a petition to the circuit court of the county where the person is served with the subpoena or where the person resides. Upon delivery of aduplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of § 17-313 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate. (3)It is held by a business association not doing business in this State and not organized under the laws of this State, but the records of the business association indicate that the last known address of the person entitled to it is in this State. As to any claim made because of action taken in accordance with an agreement made under this subtitle: (1)This State consents to suit by any claimant against the federal government; and. The administrator need not offer any property for sale if, the probable cost of sale exceeds the administrator’s estimation of the value of the property. Article 17 – Commercial Law, Section 17-310.1. Here at the Comptroller's Office we take our responsibility to locate the owners of unclaimed property very seriously. Search official government sites for billions in unclaimed property—quickly and easily. 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